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Description: Received $15,000 from Bob for 6 month's consulting services.I need to know how to record this transaction in a general journal.

Business

Accounting

Received $15,000 from Bob for 6 month's consulting services. I need to know how to record this transaction in a general journal.

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter1: Asset, Liability, Owner’s Equity, Revenue, And Expense Accounts

Section: Chapter Questions

Problem 1PB: In July of this year, M. Wallace established a business called Wallace Realty. The account headings...

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In July of this year, M. Wallace established a business called Wallace Realty. The account headings are presented below. Transactions completed during the month follow. a. Wallace deposited 24,000 in a bank account in the name of the business. b. Paid the office rent for the current month, 650, Ck. No. 1000. c. Bought office supplies for cash, 375, Ck. No. 1001. d. Bought office equipment on account from Dellos Computers, 6,300. e. Received a bill from the City Crier for advertising, 455. f. Sold services for cash, 3,944. g. Paid on account to Dellos Computers, 1,500, Ck. No. 1002. h. Received and paid the bill for utilities, 340, Ck. No. 1003. i. Paid on account to the City Crier, 455, Ck. No. 1004. j. Paid truck expenses, 435, Ck. No. 1005. k. Wallace withdrew cash for personal use, 1,500, Ck. No. 1006. Required 1. Record the transactions and the balance after each transaction. 2. Total the left side of the accounting equation (left side of the equal sign), then total the right side of the accounting equation (right side of the equal sign). If the two totals are not equal, check the addition and subtraction. If you still cannot find the error, re-analyze each transaction.
On July 1 of this year, R. Green established the Green Rehab Clinic. The organizations account headings are presented below. Transactions completed during the month of July follow. a. Green deposited 30,000 in a bank account in the name of the business. b. Paid the office rent for the month, 1,800, Ck. No. 2001. c. Bought supplies for cash, 362, Ck. No. 2002. d. Bought professional equipment on account from Rehab Equipment Company, 18,000. e. Bought office equipment from Hi-Tech Computers, 2,890, paying 890 in cash and placing the balance on account, Ck. No. 2003. f. Sold professional services for cash, 4,600. g. Paid on account to Rehab Equipment Company, 700, Ck. No. 2004. h. Received and paid the bill for utilities, 367, Ck. No. 2005. i. Paid the salary of the assistant, 1,150, Ck. No. 2006. j. Sold professional services for cash, 3,868. k. Green withdrew cash for personal use, 1,800, Ck. No. 2007. Required 1. Record the transactions and the balance after each transaction. 2. Total the left side of the accounting equation (left side of the equal sign), then total the right side of the accounting equation (right side of the equal sign). If the two totals are not equal, check the addition and subtraction. If you still cannot find the error, re-analyze each transaction.
On July 1 of this year, R. Green established the Green Rehab Clinic. The organizations account headings are presented below. Transactions completed during the month of July follow. a. Green deposited 30,000 in a bank account in the name of the business. b. Paid the office rent for the month, 1,800, Ck. No. 2001 (Rent Expense). c. Bought supplies for cash, 362, Ck. No. 2002. d. Bought professional equipment on account from Rehab Equipment Company, 18,000. e. Bought office equipment from Hi-Tech Computers, 2,890, paying 890 in cash and placing the balance on account, Ck. No. 2003. f. Sold professional services for cash, 4,600 (Professional Fees). g. Paid on account to Rehab Equipment Company, 700, Ck. No. 2004. h. Received and paid the bill for utilities, 367, Ck. No. 2005 (Utilities Expense). i. Paid the salary of the assistant, 1,150, Ck. No. 2006 (Salary Expense). j. Sold professional services for cash, 3,868 (Professional Fees). k. Green withdrew cash for personal use, 1,800, Ck. No. 2007. Required 1. In the equation, write the owners name above the terms Capital and Drawing. 2. Record the transactions and the balance after each transaction. Identify the account affected when the transaction involves revenues or expenses. 3. Write the account totals from the left side of the equals sign and add them. Write the account totals from the right side of the equals sign and add them. If the two totals are not equal, check the addition and subtraction. If you still cannot find the error, re-analyze each transaction.
January 15th Received $15,000 from Bob for 6 month's of consulting revenue to start next month. I need to know how to record transaction in a general journal.
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aaArnina established a service business to be known as Arnina Photography on July 1, 2021. During the first month, the following transactions occurred: July 1: Arnina transferred cash of P300,000 from her personal bank account to an account to be used for her business. She also invested the following: digital camera, P45,000; manual camera, P25,000; desktop computer, P28,000; photo papers and ink, P14,000. July 4: paid six-month advance rent to Cyrene Commercial Complex, P30,000 July 6: Received a statement of account from Brian News for advertising this month, P5,500. July 8: Bought photo enhancing and editing equipment from Mirzi Outlet for P40,000. Arnina paid 30% down payment and the balances on account. July 12: Hired office assistant with a monthly salary of P6,000. The office assistant officially started on July 16, 2014. July 13: Photography services rendered totaled P180,000. Terms 25% cash and the balance settled on account. July 14: Purchased office sofa set from Renzo…
AaaArnina established a service business to be known as Arnina Photography on July 1, 2021. During the first month, the following transactions occurred: July 1: Arnina transferred cash of P300,000 from her personal bank account to an account to be used for her business. She also invested the following: digital camera, P45,000; manual camera, P25,000; desktop computer, P28,000; photo papers and ink, P14,000. July 4: paid six-month advance rent to Cyrene Commercial Complex, P30,000 July 6: Received a statement of account from Brian News for advertising this month, P5,500. July 8: Bought photo enhancing and editing equipment from Mirzi Outlet for P40,000. Arnina paid 30% down payment and the balances on account. July 12: Hired office assistant with a monthly salary of P6,000. The office assistant officially started on July 16, 2014. July 13: Photography services rendered totaled P180,000. Terms 25% cash and the balance settled on account. July 14: Purchased office sofa set from Renzo…
Gonzalez Engineering completed the following transactions in the month of June.Using the following transactions, record journal entries, create financial statements, and assess the impact of each transaction on the financial statements. Jun. 1 Maria Gonzalez, the owner, invested $108,000 cash, office equipment with a value of $7,000, and $64,000 of drafting equipment to launch the company. Jun. 2 The company purchased land worth $51,000 for an office by paying $9,100 cash and signing a long-term note payable for $41,900. Jun. 3 The company purchased a portable building with $53,000 cash and moved it onto the land acquired on June 2. Jun. 4 The company paid $4,200 cash for the premium on an 18-month insurance policy. Jun. 5 The company completed and delivered a set of plans for a client and collected $7,800 cash. Jun. 6 The company purchased $22,400 of additional drafting equipment by paying $11,500 cash and signing a long-term note payable for…
Connie Young, an architect, opened an office on October 1, 2019. During the month, she completed the following transactions connected with her professional practice: Transferred cash from a personal bank account to an account to be used for the business, $36,000. Paid October rent for office and workroom, $2,400. Purchased used automobile for $32,800, paying $7,800 cash and giving a note payable for the remainder. Purchased office and computer equipment on account, $9,000. Paid cash for supplies, $2,150. Paid cash for annual insurance policies, $4,000. Received cash from client for plans delivered, $12,200. Paid cash for miscellaneous expenses, $815. Paid cash to creditors on account, $4,500. Paid $5,000 on note payable. Received invoice for blueprint service, due in November, $2,890. Recorded fees earned on plans delivered, payment to be received in November, $18,300. Paid salary of assistants, $6,450. Paid gas, oil, and repairs on automobile for October, $1,020. 4. Determine the net…
On April 5, Timothy established an interior decorating business, Tim’s Design, with a cash investment ofP200,000. Timothy completed the following transactions for April:6 Paid rent for the month, P8,000.7 Purchased from Delta Co. office equipment, P55,0008 Purchased a used car for P180,000, paying P80,000 cash and taking a bank loan for theremainder.10 Purchased supplies and materials for cash, P11,315.12 Received cash from Miss Laura for job completed in her condo, P57,500. Supplies were used upamounting to P8,250.20 Purchased materials and supplies on credit, P15,000.23 Recorded job completed for Ms. Ferrer. Term: on account 10 days, P14,950. Supplies were usedup amounting to P3,500.24 Received an invoice for repairs on car and paid P4,500.25 Paid utilities expense, P1,750.26 Paid P20,000 on the bank loan.27 Received cash from Ms. Ferrer, P10,000.28 Paid salary of worker, P5,00029 Paid Delta a portion of the amount owed for equipment, P5,000.30 Withdrew cash for personal use, P3,500.…
On April 5, Timothy established an interior decorating business, Tim’s Design, with a cash investment ofP200,000. Timothy completed the following transactions for April:6 Paid rent for the month, P8,000.7 Purchased from Delta Co. office equipment, P55,0008 Purchased a used car for P180,000, paying P80,000 cash and taking a bank loan for theremainder.10 Purchased supplies and materials for cash, P11,315.12 Received cash from Miss Laura for job completed in her condo, P57,500. Supplies were used upamounting to P8,250.20 Purchased materials and supplies on credit, P15,000.23 Recorded job completed for Ms. Ferrer. Term: on account 10 days, P14,950. Supplies were usedup amounting to P3,500.24 Received an invoice for repairs on car and paid P4,500.25 Paid utilities expense, P1,750.26 Paid P20,000 on the bank loan.27 Received cash from Ms. Ferrer, P10,000.28 Paid salary of worker, P5,00029 Paid Delta a portion of the amount owed for equipment, P5,000.30 Withdrew cash for personal use, P3,500.…